Following the collapse of MBA Forex, the Securities and Exchange Commission has said it warned Nigerians against investing in thde scheme as it was illegal.
The Port Harcourt Head of Investigation and Enforcement for SEC, Suzzie Enebeli made the observation during an event held in Port Harcourt.
Enebeli was reacting to series of protests by investors of the MBA Forex who are demanding for the refund of their investment capital and the arrest and prosecution of the management of the scheme.
The SEC official disclosed that the MBA Forex has been illegally operating in Nigeria, noting that the scheme was denied registration by the commission following its failure to meet the requirements.
She said “MBA Forex has never been registered with the Securities and Exchange Commission. They tried to get registered with us, but failed to meet our registration requirements.
“As a matter of fact, the MBA Forex is one of those market operators who were illegal and is listed on our website. MBA Forex has been on the SEC website for over a year with a warning sounded to the general public to beware”.
“So they have never been registered with the SEC”.
She further advised the general public to apply their due diligence before investing in any scheme by visiting the regulator’s website.
